The disruption to the economy is like nothing any of us have seen before. But help is on its way and, in some cases, already available.
Relief measures you’ve no doubt heard about include extended federal tax-filing deadlines, employer tax credits and deferred consumer loan payments.
What follows is a compilation of resources, websites and more that businesses can turn to now.
SBA LOANS – Small businesses can apply for low-interest federal disaster loans through the Small Business Administration Economic Injury Disaster Program. Eligible entities can receive loans up to $2 million, and interest rates would be capped at 3.75%. For more information, contact the SBA disaster assistance customer service center at 1-800-659-2955 or disastercustomerservice@sba.gov..
(If your business is located in the Denver metro area, the local Small Business Development Center can help businesses apply for these loans. Visit www.denversbdc.org/disaster-relief or email info@denversbdc.org.)
WORK SHARE PROGRAM – For Colorado employers, check to see whether you or your employees qualify for the state’s Work Share Program, an alternative to laying off employees by allowing them to keep working, but with fewer hours. (Similar programs are available in other states, and can be found in a quick Google search).
EMERGENCY RELIEF – The City and County of Denver established an initial $4 million relief package to help small businesses with cash grants of up to $7,500 for those businesses hardest-hit, including restaurants.
MICROLOANS – Loans from $5,000 to $50,000 with terms up to five years are available to both startup or expansion phase companies under Denver’s microloan program. And now, businesses will be able to temporarily put off loan repayments under the program.
CROWDFUNDED LOANS – The nonprofit Kiva has helped more than 2.5 million entrepreneurs access “non-exploitative” capital. For new applicants, Kiva can lend up to $15,000 at zero interest, with up to 36 months to repay. For businesses whose timing has been particularly tricky — say, just starting up when the pandemic broke out — these loans don’t require a minimum credit score, nor years of cash flow documents.
FACEBOOK – Yes, the social platform. Facebook is about to launch a program that will provide “$100M in cash grants and ad credits for up to 30,000 eligible small businesses” in over 30 countries. Additionally, it has launched a “Business Resource Hub,” which is providing small business owners free information about coping with COVID-19, best practices, and a downloadable self-assessment tool.
DIGITAL FORUMS – Forums like Startup Soiree are popping up, offering a place for entrepreneurs to share tips and get access to even more resources.
That’s it for now, but bookmark this page and check back here for more resources and information as it becomes available.
CCIG is a Denver-area insurance, employee benefits and surety brokerage with clients nationwide. We do more than make sure you have the right policy. We help you manage your long-term cost of insurance with our risk and claims management expertise and a commitment to service excellence.
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